If you did any contracting work for BuildTeam in the past, you would have received compensation in BUILDTEAM tokens, which you could stake on Hive-Engine to receive both Steem and Hive discretionary rewards for the growth of BuildTeam services. The tokens could also be sold on the secondary market, the tokens were never sold to any investors and were always given as rewards for work done.
The last bear market was particularly brutal on BuildTeam products and we narrowed down our service office and mainly kept Dlease.io and Ginabot running when Hive forked from Steem and deprecated all other products that weren't economically viable to port across.
Dlease.io continued to drive returns for BuildTeam token holders for several years since inception and continues to do so, just enough to keep the services going and provide some returns for all parties.
However, the regulatory space is becoming very restrictive and tokens are once again under scrutiny, it won't be long before KYC/AML requirements will be imposed on projects that provide revenue streams to users, so we wish to get ahead of that curve and retire the BUILDTEAM token, which also will free up an administrative burden.
We however do not feel it would be right to just cease the token economic model abruptly and would like to do so honourably and gracefully, so we would like to offer all BuildTeam token holders the opportunity to have them bought back at a 0.20 USD valuation over time.
Currently, according to the BuildTeam staking spreadsheet, there are 110055.394 issued BUILDTEAM tokens with a valuation of 22,011.0788 USD at the aforementioned 0.20 USD buyback price.
Starting from the 1st October 2021, we will at the start of each month, put aside some of the Dlease (monthly in arrears) nett revenues that would usually be distributed, instead, towards discretional buyback purchase orders on the Hive-Engine market. We are targetting around $1000 per month in buyback orders, this could be more or less depending on market conditions, we will try for as much as we can to speed up the process. Purchase orders will continue until the total ~22K USD valuation has been placed as buyback orders on the market.
We also reserve the right to reduce or stop the buybacks should at any point the market or profits of this endeavour not support it, or any other unforeseen issue arises making it infeasible to carry out. This buyback is non-contractual and totally discretionary.
We hope the BuildTeam token holders have been satisfied with the ongoing and stable rewards they have been receiving over the years, the revenues to date alone would be adequate compensation however we feel the buyback initiative just wraps everything in a nice bow.
Buybacks will be placed on the Hive-Engine market on or about the 1st of each month, along with a post and announcements in our Telegram and Discord channels.
Dlease.io will continue on after the buybacks have been settled as long as it is feasible to remain operating.
Thank you again to our loyal token holders and fellow builders for your support to date, thanks for coming on the journey with us.
Sincerely,
BuildTeam
It is sad that this token has to stop.
If I understand correctly you will take the hive value of 0.2 usd and put a buy order for that value in hive?
Will you adapt your buy price to the value fluctuations or just leave the order as it is put in at the beginning of the month?
Hi, we will take the spot price of 0.2 USD in Hive at the time and leave the buy order open on the market at the start of each month. But we reserve the right to iterate on that depending on what happens with the market.
Meh
Doesn't it take 13 weeks to unstake?
yep it will.
Would it not be easier to just ask for all tokens to be burned (or sent to a specific account and then burned) and receive that same valuation? To avoid market manipulation...
I'm a token holder too. Glad was able to benefit from it.
The 13 week unstaking process is going to be a real pain for this process. Can the team adjust this unstaking time down so tokens can be freed up?
Hi
Once I received from you five coins for my bitshares wallet, which are still there. Can I apply them somewhere now and what kind of rewards were talking about?
I probably forgot to put them in staking since I don’t understand what we’re talking about? lol